Cancer diagnostics company Veracyte has announced it has completed its acquisition of C2i Genomics, adding whole-genome minimal residual disease (MRD) capabilities to its novel diagnostics platform and expanding the company’s ability to serve patients across the cancer care continuum.
“Bringing C2i Genomics’ technology and team into Veracyte will allow us to make significant advances in our vision to transform cancer care for patients all over the world,” said Marc Stapley, Veracyte’s Chief Executive Officer. “C2i’s novel artificial intelligence-driven, whole-genome MRD platform will enable us to expand the value we deliver to clinicians and their patients, beginning with early cancer diagnosis and risk assessment, and now moving further along the patient journey into treatment monitoring and disease recurrence testing. C2i’s approach to MRD will expand the set of data and insights that can follow each patient throughout their care and will also fuel new innovation.”
Veracyte’s first application of C2i Genomics’ technology will be a muscle-invasive bladder cancer MRD test, where the company plans to leverage its strong urology commercial channel and a clear pathway to expected reimbursement. The company plans to develop further MRD tests in several of its focused indications.
Under terms of the transaction, Veracyte acquired C2i Genomics for $70 million (subject to customary purchase price adjustments), paid for with 2.7 million Veracyte shares. Veracyte will pay up to an additional $25 million, payable in Veracyte shares or cash at Veracyte’s election, based on the achievement of future performance milestones over the next two years.